The hit movies are the gifts that keep on giving for MGM. In addition to the jump in revenues, the studio says that James Bond and the residents of Middle Earth helped to raise Q3 net income by $23M vs the period last year — once you factor out last year’s $48.5M gain from the sale of MGM Networks to Liberty Global’s Chellomedia. The reported results, including last year’s sale, shows net income of $16.59M, -29%, with the revenue boost to $242.9M. TV licensing was +84% with pay TV and streaming revenues for Skyfall and The Hobbit: An Unexpected Journey as well as TV series Vikings and Teen Wolf. MGM says that there was “no similar film content” moving through its pipelines last year. The privately held company also reports that it doubled its share repurchase plan to $150M. That indicates MGM’s “continued confidence in the company and its prospects,” CEO Gary Barber says.
MGM Revenues +43% In Q3 With TV License Fees For ‘Skyfall’ And ‘Hobbit’
What's Hot on Deadline
Donald Trump Takes Mark Cuban's Pre-Debate Bait; Campaign Manager Says No Trump Ticket For Gennifer Flowers
'Magnificent Seven's $35M Opening A Career Best For Antoine Fuqua; 'Storks' At $21.8M - Sunday AM B.O. Final Update
Latest Business News
- California Enacts Law Preventing IMDb Pro From Listing Actors' Ages
- AMC Rips NATO In Org’s James Murdoch Spat: “Condescending And Gratuitous”
- ‘VAYA’ Director Akin Omotoso Inks With APA; Abrams Artists Agency Signs Grandex, Inc.
- NATO Chief To James Murdoch: “Get The Record Straight” On Theater Exclusivity; MPAA Weighs In – Update
- Rob Moore Exiting As Paramount Vice Chairman
- Disney Mum On New Director, Designer For Broadway ‘Frozen’